Car Finance Deals in the West Midlands

Motor Market are SAF (Specialist Automotive Finance) experts. Our aim is always to deliver the best finance option that's suitable for you.

  • Perfect credit history?
  • Unsure of your credit score?
  • Turned down by another lender?
  • Damaged credit history?
  • CCJ's, defaults or arrears?
  • Little or no credit history?
  • Self employed?

Whatever your circumstances we are here to help!

Here are the quick and easy options to choose from when contacting our team:

  • Visit us at our Dealership in Newtown Lane, Cradley Heath, B64 5EB
  • Give us a call on 01384 411119
  • Message us at [email protected]
  • Simply click one of the below buttons to apply online NOW!


There are many alternative ways to pay for your next car, none are right or wrong but one will be more suitable for your circumstances.

Motor Markets guide is intended to give an analysis of all the options available. Its purpose is to ensure that you are aware of all the factors that may influence your decision, allowing you to decide exactly the best solution for you.

Click the tabs below to find out the options you have!

There are several advantages to using your savings:

You won't be indebted to anyone

You own the car outright straight away

You won't be charged interest

You avoid credit card charges

You won't have ongoing repayments to make each month

You don't need to have an acceptable credit rating

Get a discount

If you can pay in cash, you may be in a good position to push for a discount. Some car dealerships will recognise that cash buyers will expect a discount and may be ready to reduce their prices.

What are you sacrificing though?

Before stumping up the cash weigh up whether spending your savings is really the best choice.

Consider:

Do you have the savings earmarked for anything else?

Would you cope financially if something went wrong with no savings?

Do you have access to credit if needed?

You also need to consider any loss of interest, and, if your cash is deposited in an ISA, loss of your tax free status that your savings are currently benefiting from.

Cash is the cheapest option because you avoid interest. However, low rates and 0% finance deals mean borrowing may not be as expensive as you think either.

 


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Using a personal bank loan to pay for your new car has several advantages:


Set monthly payments make it easy to budget
You can pay for your car upfront in full and own it straightaway
Your borrowing is not directly associated to your vehicle
You can choose the loan term
The cost of personal loans has also fallen in recent years so they are a cheaper choice than they once were.


Getting the best loan


The main cost of your loan is set by the interest rate so choose the cheapest option, although you should also weigh up if you need the flexibility to repay early before you apply, along with any initial administration fees or set up charges the funder may charge. The lender will be responsible for providing you with a full illustration of all repayments and the overall cost of your loan, prior to you making any commitment. This is important as often the attractive headline rates advertised by providers are restricted to high value loans (+£20k) or only to those with high credit ratings.


But what if you have a poor credit rating?


If you have a poor credit rating, using a personal loan to buy your new car could be very difficult or, at the least, very expensive.
You can get an idea by asking lenders for a cost illustration before you apply - this isn't the same as a quote because it won't show up on your credit history and while it's not definitive it should give you some idea if you would be approved for a loan and, if so, of the cost.


Always consider your future


Although none of us have a crystal ball to predict the future, it is also worth considering if you are likely to have any further borrowing requirements over the lifetime of the personal loan for your car. If so, it may be worth considering an alternative method of funding the vehicle, ensuring you keep this line credit available to you for whatever the reason, e.g: kitchen refurbishment, university fees, holidays or just a rainy-day safety fund.

 

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PCP agreements have soared in popularity over recent years. You pay a deposit then a fixed number of monthly repayments - usually over 2-4 years. At the end of your PCP you can either:

  • Hand the car back and walk away
  • Pay a final lump sum to purchase the vehicle outright
  • Part-exchange the car for a new one using any equity

 

PCP plans tend to offer lower monthly payments than personal loans or hire purchase plans, but you never actually own your car until you pay the final lump sum.

This "guaranteed final payment" is the estimated value of the car at the end of your PCP plan and is calculated using your planned mileage figures - once it's set it can't be changed.
IMPORTANT! - think about your miles.

Be as accurate as possible with your estimated mileage, too low and you'll be charged around 10p/mile at the end of the term, aim too high and you'll be increasing your monthly repayments unnecessarily.

PCP plans are generally only available for applicants with good credit history, those with poor or bad credit profiles are deemed as higher risk and as such a) precluded from this option or b) charged a premium to reflect the risk.

PCP plans on new cars are attractive if you want to change your car every 2-3 years, as you have the option to hand the car back, avoid MOT, servicing and repair costs that often begin to happen after the first 3 years. However, if you plan on keeping your car you need to do some cold hard maths to check that any discounts or incentives from the dealership really make it worthwhile.

PCP plans are also available on some used cars as long as they meet the funder’s age and mileage criteria. When budgeting it’s important to remember that you will never own the car outright without making a final option to purchase payment.

 


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With a hire purchase plan you pay a deposit (or in some instances pay nothing) and spread the cost of the rest of the car over a fixed period, usually two to five years. Cash or the part exchanging of your existing vehicle are the common ways of making up a deposit if necessary. HP is a form of loan which secured on the car and you actually own your vehicle outright when the final payment is made.

HP agreements provide much flexibility,

  • You choose any deposit level
  • You can often purchase with no deposit
  • You can use your existing car as deposit
  • You can choose the length of term for repayment (2-5 years)
  • You will have a fixed interest rate, therefore repayment each month
  • You won't have a significant option to purchase payment at the end
  • You can settle the agreement any point during the loan term
  • You can use on new or used vehicles

 

Monthly repayments are often higher than PCP option; however you won't have a larger option to purchase payment at the end of the agreement. Initially taking time to understand the overall cost of the purchase is important before making any commitment.


HP plans are available to most consumers where acceptable credit ratings can range from excellent, good, average, poor right through to bad. The lender will offer a fixed rate that reflects the strength of your credit rating and the risks they see involved in recovering the loan. In simple terms - the better the credit rating the lower the interest rate. HP agreements can be very useful method for those with poor credit to rebuild their credit worthiness. Successfully repaying the agreement and all other commitments during its term will improve your credit score and provide evidence to future lenders that you are in control of your finances.

 


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Using a credit card to buy your new car can be a cost effective way of getting a new set of wheels and will allow you to buy your car outright on the day.

You need to use the right credit card to avoid hefty interest charges and make sure you have a sufficient credit limit to cover the full purchase. You have a couple of options:

  • Use a 0% purchase credit card to pay for the car outright and then split the repayments over the interest free period so the balance is cleared by the time you're due to be charged interest.
  • Pay on a cashback or rewards credit card and then either use savings or a 0% balance transfer to pay off the amount in full before interest is added.

You may be charged a credit card fee on the transaction so check this when you compare your options and make sure you still win by choosing this payment option.

Flexibility - A good or bad thing?

One of the big advantages of using a credit card is the greater flexibility it offers over how much you repay and when.

This makes a credit card an ideal choice if you need the freedom to vary the amount you pay off from month to month.

However, this freedom can also be a drawback, if you only repay the minimum repayment each month it will take you much longer to repay your borrowing.

 


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Before you make your final decision you need to be confident that you can afford your choice, both now and for the duration of your finance agreement.


Don't forget to factor in your running costs in your calculations, including car insurance, tax, repairs and fuel. If you're unsure, reconsider your options; perhaps look at a lower spec car or a smaller engine. Above all you must be comfortable with the overall cost of motoring during the lifecycle of your ownership.

 


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Motor Market are authorised and regulated by the FCA (Financial Conduct Authority), our authorisation number is FRN 688482. Some of the approved finance partners we work with include Motonovo Finance, Santander, Moneyway & many more. Contact us today to find out more!